Analyst company Chainalysis plans to attract $100 million in venture capital investment from Addition, Accel, Benchmark and Ribbit next week, with an estimated $1 billion, Forbes said.
Michael Gronager, CEO and co-founder of Chainalysis, said that the company’s revenue grew by 96% last year. He expects revenue to double over the next year. Chainalysis provides block analysis services to 350 clients, including government organisations and cryptographic companies.
„We have shown that it is possible to build a business by developing software that analyzes cryptographic data,“ said 50-year-old Gronager.
With a $100 million investment, Chainalysis, which now employs 200 people, plans to double its workforce next year. Chainalysis currently has offices in New York, Singapore and Tokyo.
Chainalysis’s 250 clients are companies that operate in the cryptovoltaic market. The remaining 100 clients are from the public sector and are located in 30 jurisdictions. The total number of Chainalysis clients has increased by 65% in the last year. Gronager says that at current growth rates the company will very soon become profitable.
Chainalysis has also published a report calling 2020 the year of institutional adoption of Bitcoin. „As more and more large companies such as Paypal start launching their cryptographic services, we expect the industry to grow even faster,“ said Philippe Bottery, Accel’s partner and investor at Chainalysis.